Product Code: RP-ID-10086180 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10086180
Market Overview:
Global Stethoscope Market - Analysis By Product Type (Manual Stethoscope, Electronic Stethoscope), By Application (Hospital, Ambulatory Surgical Center, Clinics, Home Care, Others), By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) - By Region (North America, Europe, APAC, ROW), By Country (US, Canada, Germany, France, UK, Italy, China, Japan, India, South Korea)
"By 2021, the global stethoscope market is estimated to be worth ~USD 500 million and is expected to grow at a compound annual growth rate (CAGR) of ~5% from 2022 to 2030. The increase in population aging is expected to be the main factor driving the market. In addition, the use of technologically advanced medical equipment, such as stethoscopes integrated with Bluetooth and various government initiatives, are some of the factors driving market growth.
The ever-increasing elderly population has increased the demand for advanced stethoscopes for the initial diagnosis of a variety of chronic diseases. According to the CDC, it is recognized that people over 65 are at increased risk of serious health problems such as heart disease, common cold and flu, asthma, chronic obstructive pulmonary disease and other diseases.
According to the 2019 World Aging Report, it is estimated that there will be approximately 703 million people aged 65 and over in the world in 2019. This number is expected to double in 2050, reaching 1.5 billion. This factor is expected to become one of the factors of rapid growth. Market performance factors. The increasing prevalence of heart-related diseases and various respiratory diseases (such as asthma, acute bronchitis, emphysema and cystic fibrosis) is driving market growth.
According to data from the World Health Organization (WHO) in 2018, most chronic disease deaths are caused by cardiovascular disease, with 17.9 million people each year. More than 75.0% of deaths occur in low- and middle-income countries. According to the same source, in 2019, approximately 235 million people worldwide have asthma. For the initial diagnosis of cardiac dysfunction and respiratory tract sputum, stethoscopes are widely used for preliminary examination of these conditions.
Therefore, more and more patients with cardiovascular diseases and a variety of respiratory diseases are driving the development of the market. In addition, the number of initiatives and programs taken by governments to increase public awareness and treatment related to long-term fuel market growth is expected to increase. For example, the WHO launched an initiative called "Global Heart" in 2016 to fight heart attacks. Similarly, a national initiative called "Million Hearts 2022" aims to prevent 1 million heart attacks within 5 years. It is a joint program led by the Centers for Medicare and Medicaid Services (CMS) and the Centers for Disease Control and Prevention (CDC). In addition, the British Lung Foundation (BLF) in the United Kingdom has launched the "Listen to Your Lungs" campaign. The program raises awareness that shortness of breath may be a symptom of chronic obstructive pulmonary disease (COPD) and encourages people to ask health care professionals about their shortness of breath.
Increasing awareness of treatment and government measures to prevent the incidence of related diseases may drive market growth. Countries such as the United States and Canada have witnessed high prevalence of chronic diseases in recent years. According to the American Heart Association's 2019 heart disease and stroke statistics, 121.5 million adults in the United States suffer from cardiovascular disease, and 805,000 Americans have a heart attack each year. In addition, according to data released by the Institute of Health Metrics and Evaluation (IHME) in 2017, ischemic heart disease is the leading cause of death and disability in Canada, and this number is expected to double in the next 20 years.
Therefore, during the forecast period 2022-2030, the high prevalence of chronic diseases, especially cardiovascular diseases, is expected to increase market growth. In addition, more and more hospitals, medical institutions and research centers have also contributed to the growth of the market. In addition, the increasing incidence of chronic diseases in developed and developing countries has prompted the introduction of technologically advanced products on the market.
For example, in 2019, Eko Devices Inc. released the all-in-one Core digital stethoscope. It is a fully assembled stethoscope or as an accessory to most existing stethoscopes, which means it is compatible with any analog stethoscope model. Connect to the doctors stethoscope and improve auscultation. In addition, it also supports wireless auscultation, keeping a safe distance from patients with infectious diseases. Market participants are constantly trying to bring technologically advanced products to the market.
TYPE INSIGHT:
Teaching stethoscopes dominate the market with a ~25% revenue share in 2020. Teaching stethoscopes is very suitable for medical students to demonstrate and use. These stethoscopes are commonly used for the training of medical professionals, such as medical students, trainee nurses, and doctors. It can also be used in hospitals, schools, or any other environment where medical professionals can be trained. Therefore, it is expected that more and more medical professionals will drive the growth of this market segment. Other market segments include cardiovascular stethoscopes, neonatal stethoscopes, baby stethoscopes, pediatric stethoscopes, fetal stethoscopes, and electronic stethoscopes.
It is estimated that from 2022-2030, the compound annual growth rate of the stethoscope market in the electronic stethoscope market will be 5%. The electronic stethoscope is a technologically advanced medical device with functions such as electronic amplification of sound quality, recording​​ and reducing background noise interference to improve diagnosis. In addition, medical professionals can capture the heart and lung sounds of patients and integrate them into the hospitas electronic medical record system. Therefore, increasing the application of electronic stethoscopes to improve diagnosis is an important factor that is expected to drive market growth during the forecast period.
REGIONAL INSIGHT:
North America dominated the market with a 33% revenue share in 2020, mainly due to the promotion of chronic diseases, the continent’s high incidence of cardiopulmonary diseases, the presence and increase of mature medical centers in the region Government initiatives. For example, according to 2016 data from the American Heart Association, between 2013 and 2016, nearly 121.5 million adults had some form of cardiovascular disease. In addition, the availability of technologically advanced products and 3M, Eko Device, Inc and Medline Industries have also contributed to the growth of the market in this region.
Due to factors such as the increase in the incidence of chronic diseases, medical care and medical care, Latin America is expected to grow at a compound annual growth rate of 5% from 2022 to 2030. Improve diagnostic quality and fast-growing economy. In addition, more and more players are interested in exploring market opportunities are also one of the main factors driving the demand for stethoscopes in the region. In addition, the increase in medical expenditure and the continuous increase in the penetration rate of medical insurance in most countries in the region provide ample growth opportunities for market participants. For example, according to data from the World Health Organization, Brazil’s health expenditures accounted for 8.5% of GDP in 2016, Argentina’s 4.2%, Mexico’s 6.5%, and Chile’s 8.3%.
MAJOR COMPANIES AND MARKET SHARE PROSPECTS:
Major market players focus on launching innovative types of medical devices, technological advancements and growth strategies. For example, in May 2018, 3M launched a single stethoscope; to overcome the lack of audibility, durability, and discomfort faced by healthcare professionals caused by the use of disposable stethoscopes. The device is designed to provide superior sound quality, comfort and improved patient care, while helping to minimize the risk of cross-contamination in isolated environments. These advances in the stethoscope field are expected to drive market growth during the forecast period. Some of the major players in the stethoscope market include: 3MMedline Industries Inc Welch Allyn (Hill-rom Holdings, Inc.) Eko Devices Inc. GF Health Products, Inc. Rudolf Riester GmbH, (Halma Plc) American Diagnostics Corporation Cardionics Heine Optotechnik Gmbh and the company .
MARKET SEGMENTS COVERED BY THE REPORT:
The report forecasts global, regional and national revenue growth, and analyzes the latest industry trends in each sub-segment from 2022-2030. For the purpose of this research, Kenneth Research reports on the global stethoscope market by type and region: Outlook stethoscope (revenue, USD million, 2022-2030) Cardiovascular stethoscope, neonatal stethoscope, childrens stethoscope, fetal stethoscope, electronic stethoscope Teaching stethoscope other stethoscopes."
3M, Medline Industries Inc, Welch Allyn, GF Health Products Inc, Rudolf Riester GmbH, American Diagnostic Corporation, Cardionics, Heine Optotechnik GmbH & Co., Smiths Medical, Omron Corporation
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